TORONTO, Dec. 5, 2018 /CNW/ - (TSX: KFS, NYSE: KFS) Kingsway Financial Services Inc. ("Kingsway" or the "Company") announced that it has applied for voluntary delisting of the Company's common shares (the "Common Shares") and series B warrants (the "Warrants") from the Toronto Stock Exchange ("TSX") at the close of markets on December 19, 2018.
The Common Shares will continue to trade on the New York Stock Exchange ("NYSE") under its symbol "KFS" and the Warrants will continue to trade on the OTC Market ("OTC") under the symbol "KFSYF".
The Board of Directors of the Company made the decision to voluntarily delist the Common Shares and Warrants from TSX based on the very limited trading volume of the Company's securities on the TSX, the costs and resources required to maintain the TSX listings, and the liquid market for the Common Shares on NYSE and for the Warrants on OTC. The voluntary delisting of the Common Shares and Warrants from TSX will allow the Company to reduce listing fees, costs, and administrative burden associated with listing the Common Shares and Warrants on two separate stock exchanges.
It is anticipated that on or about December 12, 2018, the TSX will issue a bulletin setting the effective date of the voluntary delisting of the Common Shares and Warrants. Shareholders holding Common Shares in Canadian brokerage accounts should contact their brokers to obtain information on how to trade their shares on NYSE.
The Company continues to be a reporting issuer under Canadian securities laws and thus remains subject to Canadian continuous disclosure obligations.
About the Company
Kingsway is a holding company that owns or controls subsidiaries primarily in the extended warranty, asset management and real estate industries. The common shares of Kingsway are currently listed on the TSX and the NYSE under the trading symbol "KFS".
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that are not historical facts, and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. Words such as "expects," "believes," "anticipates," "intends," "estimates," "seeks" and variations and similar words and expressions are intended to identify such forward-looking statements. Such forward-looking statements relate to future events or future performance, but reflect Kingsway management's current beliefs, based on information currently available. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the section entitled "Risk Factors" in the Company's Quarterly Report on Form 10-Q for the period ended September 30, 2018. Except as expressly required by applicable securities law, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Additional information about Kingsway, including a copy of its 2017 Annual Report and filings on Forms 10-Q and 8-K, can be accessed on the Canadian Securities Administrators' website at www.sedar.com, on the EDGAR section of the U.S. Securities and Exchange Commission's website at www.sec.gov or through the Company's website at www.kingsway-financial.com.
SOURCE Kingsway Financial Services Inc.